EFI Spins Off eBeam Electronic Whiteboard Business to Investment Group
Press release from the issuing company
FOSTER CITY, Calif.--July 2, 2003-- Electronics For Imaging, the world leader in imaging solutions for network printing, today announced that it is spinning off its eBeam electronic whiteboard business as a new, venture capital backed company. EFI will retain a minority ownership stake of approximately 20% under eBeam's new structure. The transaction will have an immaterial impact on EFI's financial results.
"eBeam is a great product for organizations seeking to increase their office productivity," said Guy Gecht, EFI CEO. "The solution has matured to the point that it has substantial opportunity for growth given the right resources, focus and commitment. This decision benefits both EFI's and eBeam's customers, enabling EFI to further focus on its core printing opportunities while giving eBeam a strong foundation for future success."
EFI launched eBeam in 2000. Today, the electronic whiteboard products can be found in over 10,000 corporate, educational and governmental settings where it is used to capture meeting notes and facilitate remote collaboration in real time.
"We are excited about the opportunity to make eBeam a standalone business," said Rafi Holtzman, EFI, General Manager, eBeam. Holtzman will become CEO of the new company. "We are grateful to EFI for its culture of innovation which has allowed us to build a strong and growing business."
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